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Pine Tech. Recieves $1.4 mil. Grant For Bussiness Incubator

Thursday, June 3rd, 2010 at 6:29 am

Pine Technical College has received a $1,444,000 grant from the Economic Development Administration to renovate an existing 2,100 square foot masonry construction building on its campus to a create an entrepreneurship center and technology business incubator, said U.S. Congressman James Oberstar.

The high-bay incubator space will be flexible enough for customizing for company needs. The building will take advantage of the latest in technology infrastructure, including fiber optics and broadband internet access. Oberstar said this is a forward-thinking project that focuses on the economic challenges of the region.

“This project will help attract new businesses and jobs and help retain existing jobs in the community,” said Oberstar.

It is anticipated this project will have a job creation impact of 800 and result in a private sector investment of $16,000,000, spurring the industrial tax base and creating wealth. It will do much to advance productivity, innovation and entrepreneurship throughout the region. Oberstar said with Minnesota facing budget deficits in the billions, the only way this project would be possible is though the assistance of the EDA.